Advisor To PM On Finance Briefs Media

Advisor to Prime Minister on Finance Dr. Abdul Hafeez Sheikh says economy will be in stabilization mode over next six to twelve months before moving in the phase of recovery and high growth.

Briefing media, Finance Advisor said the incumbent government inherited economic crisis. Trade deficit stood at 20 billion U.S. Dollar while fiscal deficit was 2300 billion rupees and inflation was at rise when this government took over.

He said, the government raised 9.2 billion u.s. Dollar from friendly countries while remittances increased by two billion U.S. Dollar and circular debt reduced by 12 billion Rupees per month.

Hafeez Shaikh said, IMF board will approve package for Pakistan in few weeks and Pakistan will get six billion U.S. Dollar from the fund in three years.

Hafeez Shaeikh said, Pakistan will get loan from IMF on low interest and the government has provided special incentives to five export sectors.

He said exchange rate, increase in oil prices in international market are the main reasons behind current inflation.

He said, the forthcoming budget will focus austerity measures.

Advisor to Premier Hafiz Sheikh said 5.55 trillion Rupees revenue target will be given to F.B.R. And no additional burden will be put on tax payers.

Hafeez Shaikh highlighted that five million houses project will create jobs in 28 sectors.